Housing Affordability for Homeowners
What does this measure?
The median home value divided by the median household income of homeowners.
Why is this important?
This ratio provides a rough estimate of the affordability of homes in a community. A ratio less than 2 or 3 is considered affordable.
How are Cayuga and Seneca counties performing?
In 2007-11, the housing affordability ratio for homeowners was about 1.7 for Cayuga and Seneca, compared to a state (excluding NYC) ratio of 3.4 and a national ratio of 2.8. This indicates that housing in Cayuga and Seneca was quite affordable, while housing was less affordable nationally and in some parts of the state. The comparison counties all had ratios between 1.6 and 2. Since 2000, the ratio increased 8% in both Cayuga and Seneca, far less than the increases of 54% in the state and 33% in the nation.
Notes about the data
Figures are from the Census Bureau's 2007-11 American Community Survey. The bureau combined five years of responses to the survey to provide estimates for smaller geographic areas and increase the precision of its estimates. However, because the information came from a survey, the samples responding to the survey were not always large enough to produce reliable results, especially in small geographic areas. CGR has noted on data tables the estimates with relatively large margins of error. Estimates with three asterisks have the largest margins, plus or minus 50% or more of the estimate. Two asterisks mean plus or minus 35%-50%, and one asterisk means plus or minus 20%-35%. For all estimates, the confidence level is 90%, meaning there is 90% probability the true value (if the whole population were surveyed) would be within the margin of error (or confidence interval). The survey provides data on characteristics of the population that used to be collected only during the decennial census.